Investing.com | Editor Rachael Rajan
Published Nov 14, 2023 04:14PM ET
Toronto-based Euro Sun Mining Inc. has expressed support for the European Commission’s recently agreed upon Critical Raw Materials Act, a significant legislative step aimed at ensuring the European Union’s access to essential raw materials like copper. The Act, which is pending formal approval from the European Parliament and the Council, outlines ambitious targets for the extraction, processing, and recycling of strategic raw materials by 2030.
The Critical Raw Materials Act sets specific goals for member states: to extract 10% of their critical raw materials, process 40% within the EU, and recycle 25%. It also introduces new requirements for large companies to conduct risk assessments on their supply chains and establishes a framework for monitoring critical raw material supply chains.
Euro Sun’s CEO, Mr. Grant Sboros, has welcomed the political agreement on the Act, recognizing its potential positive impact on the company’s Rovina Valley Project in Romania. He stated that the project, which is known for its considerable copper deposits, is well-positioned to benefit from the Act due to its status as one of Europe’s second largest gold deposits and a significant copper resource.
The Rovina Valley Project could gain from streamlined procedures and improved access to finance as a result of being designated as a strategic project under this new legislation. This development underscores Euro Sun Mining Inc.’s commitment to the exploration and development of its wholly-owned gold and copper project in west-central Romania. The company’s endorsement of the Critical Raw Materials Act highlights its alignment with broader EU efforts to bolster domestic capacities in key sectors and reduce reliance on external sources for critical materials.
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Written By: Investing.com
